Mortgage Figure for American Mortgage Network hits 1.5 Billion Dollars
Written by JDPGlobal | Thursday, 22 September 2005
The American Mortgage Network or AmNet is a subsidiary that is wholly owned by AmNet Mortgage Inc. It is also a nationwide mortgage bank. Reports from the bank state that the total mortgages funded in July amount to $1.5 billion. This is an increase of almost 141% over a year, from the $623 million funded in July last year.
Figures suggest that the bank’s new loan applications touched $2.3 billion in July, in comparison to $3.0 billion of June. While $75.0 million was the average loan funding per workday in July, it was $67.6 million in June. Also, when compared with $134.8 million in June, the average new loan application per day was $112.9 million in July.
The Alt-A loans together made up 32.2% of total volume in 2005 July, (they were 25.8% in 2004 July). Altogether, the higher margin products like subprime, Alt-A, second mortgage and home equity offerings added up to 40.3% of total funding. This is very high when compared with 2004 July figures of 30.1% of total funding.
The spokesperson for the bank expressed hope in driving bigger volumes through their lending platform, adding that the rising interest rates have affected the applications for loans.
